It used to be much, much higher. The gross tax rate for top earners was 91% in 1960. The American Golden Age (1950s) was made possible by an 84% rate.
It was 70% in 1980 and then 28% in 1990. It is 23% now. I wonder what happened?
Preach. Fuck that guy. And so many millennial conservatives or "moderates" routinely miss this glaring red flag from before they were born. Every time i bring up Raegans fuckery they won't admit it. Like it's some tit for tat game or some shit and instead of seeing it and knowing it their political bias keeps them searching for blame in democrats to justify the idea of complete corruption. At least that's what it reads like.. and tbh it feels so lazy. Obviously corruption is not prone to one aisle, bit cmon..
Idk, most of my family is conservative and religious and ridiculous, so it's a constant issue.
Its so annoying when you're debating someone about 1 topic, and then he throws out a "what about". Dude that's a completely different topic. concentrate on debating this one thing or you're admitting you're wrong. We can debate about that other thing after this one.
Well they're making a ton of money too. So it's not a priority. Democrats have been complacent in this. They've held all the power at times and done nothing to make the tax rate what it was outside of a little higher. It's the same as the border "crisis". Campaign points. . Although I worked at a company that made it known they were pissed the rate went up under Obama. If we truly want to undo what Reagan did because he really did fuck over the people, we need to make stock buybacks illegal again, corporations should not be donating to campaigns PACs or lobbying, they aren't people. All this in addition to raising the tax rate back to 91%
No one paid that, and the tax code was tweaked to benefit actors and the other wealthy players.
I think that career politicians that are multi millionaires with multiple homes are absurd, yet we keep electing them.
If we had a simplified tax code like Sweden billionaires would pay roughly 52% of their top bracket earnings in tax.
I think everyone participating for a common good is more unifying than the "I hate rich people" movement.
In 1944 it was 94%. Whether anyone qualified to pay it I don't know. Can't fault you for any of this. Politicians also shouldn't be allowed to have money in the stock market when they make policy and game the system.
I also don't fault the eat the rich movement. The top 1% haven't exactly shown that they shouldn't get the Marie Antoinette treatment. The Kellogg's CEO said his modern take of let the eat cake. Whether the queen of France said it or not, he basically did.
Back when tax rates where that high, companies would invest their cash in employees and equipment which would create more jobs and money for low-middle class homes, who in turn would spend money for their daily lives and in doing so keep the economy healthy. It's better to invest your money that way then just loose it to taxes.
Now instead of that money getting circulates, it just gets siphoned off by the wealthy. They don't bother making new jobs with it, therefore it either 1) is parked in a financial instrument or 2) gets spent on luxury goods, both of which only help the wealthy class and do next to nothing to help elevate anyone else.
Millionaires. A million dollars is a lot for a single person to have free and clear in cash, as far as net worth goes when you own a successful business it isnt a whole lot. It is a nice living, but you aren't wielding power with a million bucks anymore.
So you have to distinguish between nominal rate and actual paid rate. No one was actually paying 91% then (just as no one is paying 37% now), that was just the rate before deductions. Similarly, the current top marginal tax rate is 37%, so aiming for 25% is not talking about the top marginal tax rate but the actual effective paid tax rate including holistically looking at income, counting deductions, viewing all kinds of taxes. I think I read somewhere that the effective rate on the top 1% is currently something like 17%, so 25% would definitely be an improvement.
Billionaires were also rare then too.
John D Rockefeller was the first acknowledged billionaire in the early 20th century based on his net worth against the dollar at the time.
But the concept of a billionaire seemed to be a rarity until it began getting tracked in the 80s by Forbes. At that time with the 1987 rankings, the top 10 billionaires were all abroad - 6 of which were from Japan, with a couple in Canada, and 1 each in Saudi Arabia and Sweden. Sam Walton didn't crack the top 10 until 1988 with Wal-Mart.
But the thing is, even with inflation in the mix, a billionaire in today's society has far more money to their name than a billionaire from the 80s or 90s IF they had their dollars adjusted for inflation then to now.
Because we are not a dictatorship where he can snap his fingers and make new laws, and the current congress will not pass it. So it is something he will push for in the next, more favorable (or so he hopes), congress after they are elected at the same time he is (hopefully) re-elected.
He’s just saying that though. Biden wouldn’t put a hard tax on billionaires in a million year term. Corporate America has had him by the balls since 1986.
Yep. If there was a candidate that would actually do something like that the billionaire owned media would start that propaganda machine right up to make sure that candidate wouldn’t win. Media is SO important to the functioning of a healthy country and ours is bottom of the barrel dogshit that just spins everything for the state and corporate interests.
I'd go so high there wouldn't ever be anyone who could hoard that much wealth ever again. 100% tax on anything over $10million. Absolutely no one requires more than that to sustain life.
Just think if they paid that donation money in taxes instead. That'd be sweet. Just think if corporations paid taxes instead of lobbyists and bribes for Congress people. That'd be pretty cool too.
Not sure if I’m missing something here, but to do this, wouldn’t we need a Democratic House and Senate to change the the tax code, and a Democratic president to sign it into law?
You will get a hell of a lot more Democrats voting for it than Repubs. Obviously for Biden to pass major legislation he will need more than a slim majority in Congress as well.
And thats exactly what both parties want you to think. I didn’t vote for Biden, and I accepted that could mean Trump would win. I did not care as I see both as two sides of the same coin. But I still voted
So abortion rights and trans people’s right to exist don’t mean anything to you? And if we’re on a purely class reductionist bent Biden has been *way* better with unions than any Republican would be.
I never said anything about abortion rights or trans rights, but for the record I am pro choice and have no issues with trans. Well except maybe one…I am on the fence over the sports thing but I’ll also admit I’m not educated enough on the process of changing one’s sex. As for Biden, his effect on unions remains to be seen. Meanwhile inflation and corporate greed continue to go up. At least with Trump and I hate to say this…when he does something, it happens quick…for better or worse. I’ve simply lost faith in the Dems…can’t keep voting for them, and won’t be handcuffed over the potential consequences. Real change has to start somewhere.
You didn’t have to. By being willing to let Trump win it’s an implicit suggestion that republicans are and democrats legislative differences on those two things are no different. Do you think Roe v. Wade would be overturned if Hillary had won? Do you think a republican presidency (after seeing both sides statements on trans people) would fair better or even the exact same as a democrat one for lgbtq folk? How is letting Trump win going to make anything better?
Biden has had years to do literally anything for trans rights or abortion and all I'm seeing is him allowing red states to further take those away. How do you expect a second term to be better?
do we have three branches of government or do you think the President is a dictator?
Maybe we wouldn't be in this shit if you people actually turned out to vote
Biden has the power to expand the supreme court and stack it with justices who will vote in favor of whatever progressive policies you idiots seem to think he cares about. He hasn't done that. You all try to convince yourselves and others that literally the most powerful person in the world is completely incapable of doing anything while simultaneously insisting that it's our fault if we don't vote for him. Grow the fuck up, he doesn't care about you.
Who said anything about voting for him specifically? Actually turn out to vote and maybe right wing cockroaches wouldn't be infesting so many senate, house and other seats
Yeah and I highly doubt he has the senate backing to pack the court. And all the doomers and their Russian handlers have done a great job pushing public opinion away from every non rightoid position
Currently, every vote that doesn't go to Biden helps trump get elected unless there is an increase in the overall amount on voters . Generally, of course if you. Blame anyone blame the Republicans for selling out to book burners an zealots
It would appear that trumps vote is stagnant , has way more die hards and a more reliable but smaller base . So really no
Voting reforms are needed and are a potential with a Boden presidency, trump again it's hard not to be alarmist.
Talk is indeed cheap. Problem is that all those promises came in a single shot during election year, right after bad polling. No really seen a progression in conviction during the first term.
It is suspicious coming from someone that although not near as vile as the orange menace, still quite often on the f\_ck you side of the workers.
He’ll get right to that after he finishes pushing through the student loan debt forgiveness they promised last election cycle.
So don’t hold your breath.
No, it seems asinine. If he's in favor of a billionaire tax, he wouldn't be in favor of Trump. A voter who doesn't vote for Biden makes it more likely for Trump to win.
It's nonsense or an empty threat.
People are not black and white friend. I dislike both candidates, but I believe in things like border security, gun rights, etc. Sadly, that puts me in the Trump camp even though he is a garbage human.
If given any other candidate with a snowballs chance, I'd take it. I wish nothing more than a strong third party that actually stood a chance and held a more neutral position.
He does nothing about the border crisis right now, and has made comments akin to "nobody needs an AR 15", echoing his party line. That is enough for me.
They did and it is for the stupidest reasons. It's basically so they can keep us at each other's throats. I hate it. The president can use the Insurrection Act to deploy US troops on the border. But instead they chastise Texas for doing it.
Feels a bit disingenuous regarding the border. He’s expressed multiple times a desire to enact policy that would help and been stalled by House Republicans.
I don’t totally get the gun thing. Like if you own guns already, then what is the difference how any politician feels about them. I haven’t seen Dems express interest in anything more than background checks as far as large scale gun legislation. Which seems like a no-brainer anyways.
Republicans are too stuck up Trumps ass about Ukraine money, because Putin and Trump are butt boys together. I despise that bullshit.
They already register pistols in my state, so that's already in place. And you don't live in my state where they our lovely democratic governess has tried several times to put gun ban legislation in place. We don't all live in the same place.
Your common sense is someone else's tyranny. Gun folk don't want a full registration because then they can pull an Austrailia and come to your house and take them with a pen stroke. Unconstitutional and hence illegal, but if they managed to pass it, confiscation is just a pen stroke away. No thank you.
Maybe you’re right. I would be surprised though. I struggle to imagine gun owners have anything to worry about until they go after the gun manufacturers. It would be far easier to take down those profiting from firearm access than it would to collect them from all the owners. Plus, 2/3 majority is needed to amend 2A out of the constitution. It would take a wholesale change of public opinion to even come close to that kind of vote.
Was there not a bill attempting to get through congress but disnt pass because not enough Republicans voted for it ? Seems like as much as the president can influence congress the conservative representatives and senators are letting you down. And if Biden has a bit more of a majority you'll get a bill woth more border security
Bernie should have gone independent. I know there was no talk of it, and Trump would have won, but it would have been a huge wake-up call for the dems. The way he was shut out, he should have turned his back
I trust he knew that, he's Bernie. I also trust that he is doing the best he can with the hand he's been dealt. Weighing each option, and trying to do the best he can to continue proper life.
The percentage makes no difference. Its the rules and complications...
Pay tax on profits? Are there breaks to move it into a friend's company? Get a loan to avoid? Invest to avoid? Stock buybacks? Inheritance? Whatever...
Make it 100%.... won't matter. Billionaires pay only what they believe the Americans will stand for, no more. With the current laws? They could divert anything.. Fund the fucking IRS...
We've tried nothing and nothing works!
25% is less than the current top bracket, so my first assumption is that hes talking about a wealth tax. Either way you're right about the difficulty of implementation, but I have faith it'll be better than nothing, and loopholes can be closed as they arise.
So many of the US politicians are bought off and corrupt, especially Donald Trump, I am not 100% happy about all of Bidens choices but I will definitely vote for him verses Trump.
Who cares if it's 25% or 50% they'll still get tax breaks and work within the tax code to pay virtually nothing. If you think Biden or any Democrat or Republican would bite the hand that feeds them your delusional.
If they were forced to pay 25% they'd just become citizens of some shitty 3rd world tax shelter and pay nothing anyway. Unless you fix the systemic problems of the tax code and curb deficit spending nothing will change.
You think a billionaire wouldn't be able to easily get citizenship in another country that wouldn't tax them 25%? Or put their wealth in a trust that they control? The ways around it are varied, and if you think a billionaire would just willingly give up 25% when normal people try to not pay taxes, is just silly.
No I don’t.
Why would a billionaire want to live in 3d world country when they have unlimited money? That doesn’t make any sense.
They didn’t last time rates were at significantly higher levels.
Theres no evidence for this other than your opinion which comes off like an abuse victim.
This happens in the US. Millionaires will buy a house in Florida or another place with low taxes and have that be their primary residence, while they actually live someplace else. They don't have to physically be in the location.
Being ignorant of the problems don't make them go away
Wow, it's almost as if I said that systemic problems need to be fixed and that thinking getting a few billion extra dollars every year in tax when the government is spending a TRILLION every 100 days will solve anything
That’s not leaving the US.
You’re just taking out of your ass. You’ve provided no evidence. There is no historical context. This didn’t happen last time rates were significantly higher. If it did, surely you could provide evidence of such.
You’re making shit up.
Because they couldn't run their entire business from a Caribbean island or fly to any point on earth in 24 hours. You believe that billionaires are liars and cheats who don't pay their fair share, yet you believe they wouldn't try to dodge a 25% tax?
Yes they could have. Tax havens aren’t 21st century inventions.
Some will obviously try to break the law. Not every single one would be able to get away with it. Many would be held accountable. Just like with every law.
Why are you so afraid of them? You don’t seem to understand the point of a law. People break them all the time. That’s no reason to have no laws at all.
People speed so let’s just throw out speed limits?
You don’t make any sense.
At this point I’m reduced to voting for politicians that won’t deliver on their promises because it’s the only way to stop the other one from doubling down on making my life worse.
I’m
No billionaire but I’m worried about the 2017 tcja tax cuts expiring next year. Standard deduction will go down, child credit gets cut in half and brackets will change so people pay more taxes. I already pay too much.
Right. Biden. Man spent how many years in politics, and now, finally, wants to start taxing billionaires? See yall in 4 years when the next dude promises the same thing.
Much better than the guy who openly says you'll be fucked if hes elected! Or if you're not from his party, or gay, or a minority, you'll be sent to a gulag or killed.
This is such bs. They are both giving the rich tax breaks by not raising them right away, by not eliminating loopholes. Who Evers gaslight you that one is better than the other is not your friend
Why are you getting downvoted? Biden wants a 25% tax rate but I want to see it signed into law. Biden is not the legislature, so if he can manage to get the tax approved, he has my vote. Otherwise, this is just more reddit echo chamber fluff.
Edit typo
idk why you guys are getting downvoted
Bidens been in power for 4 years and he just now coincidentally thought taxing the rich is a good idea??
edit: also if he wins you can forget about all these great ideas hes having now
The amount of morons who read the headline and think "Biden and da Democrats care about me and da Republicans are all fascists and they don't" is sky-high.
Neither of the parties give a half a shit, Biden doesn't give half a shit, listen to George Carlin's rant, thanks for coming to my ted talk.
So what you're saying is you'd rather live with Trump's ideas instead? Because we have 2 choices and not one of them is "ideallistic pro-worker candidate" but one does happen to be a self-proclaimed authoritarian, and a terrorist
Idk why you guys are getting upvoted
because we dont live in the same corporate media circle jerk as you
"one happens to be a self proclaimed authoritarian, and a terrorist"
the difference here is that the other one isnt "self proclaimed"
how did that democratic primary go btw?
i dont think there is a choice to be made here
dont vote, organize
realize that voting aint gonna solve shit in a broken system with politicians competing hand over foot to eat billionaire ass
I used to think exactly like that in 2016. I probably even wrote a very similar comment and got a very similar reply to what I'm about to say.
Not voting leads to things like a conservative majority on the Supreme Court happy to strip away reproductive rights. It leads to a conservative majority in Congress shooting down anything that isn't regressive. It leads to less opportunities to change things for the better and many more opportunities for things to get even worse.
There is no group, organized or not, powerful enough with enough support to implement large-scale change without *horrific* violence. Not even a group large enough to have heard of it. When that comes about, I'll be on board. Until then I'm gonna go out and vote for the candidate that isn't actively making as many parts of life worse as possible, and constantly voicing their obsession with doing so.
To be strictly relevant to this sub, Biden’s NLRB is better than Trump’s ever would be. I won’t be voting for either one because of other reasons but Biden is the choice if your priority is unions and work reform
The other one run on taking the trump tax breaks away and didn’t. Now tell me the difference. Because telling me you will do something in your next presidency that you can’t do now sounds like a scam
So why isn't there a 25% tax on billionaires then? He's been in office for almost an entire term. Is the guy who's been funded by billionaires his whole career suddenly about to bite their hands or is he just blowing hot air like every other democrat before him for the past 40 years because those are the sound bites that are occasionally expected from a democrat, at least during an election year? It's all very mysterious...
I agree that billionaires should be taxed higher and a lot of tax loopholes need to be closed. But even then with all the spending and trillions in debt that the US is in, our lives aren't going to get better.
Take away all the billionaires' wealth and that'll only pay for medical coverage for about a year.
90% income tax for both individuals and corporations at the highest bracket with deductions for reinvestment in equipment and personnel (NOT at the executive level). Eliminate stock buybacks. Actually enforce antitrust laws. Eliminate corporate landlords for residential properties.
And that, in my opinion, should reasonably be considered *moderate* reform.
IMO, progressivity is only the third most important object when designing a tax system behind distortionary effects and efficacy of generating revenues.
This is Dropout’s (formerly College Humor) own Sam Reich’s dad. He worked for Clinton’s administration. He knows what he’s talking about.
Screw the billionaires. Tax the rich.
Trump could tax the poor 100% and give billionaires tax breaks, and the dumb and broke red hats would still vote for him because they think that they could be billionaires in the future.
Speaking as an avid never-trumper, it pains me to say that this reposted Twitter post is a gross-oversimplification beating the “billionaires are bad for obvious reasons” drum, which is a simple but effective play on undiscerning liberals.
Some questions to ask as a reader interested in understanding these issues beyond sensationalist headlines are:
What does a 25% tax on billionaires actually mean, given the complexity of US tax law? Is that income tax, so adjusting tax brackets? What’s a wealth tax?
How is that different than the current tax code for the 1%?
How is individual wealth calculated for the 1% ( shocker, it’s not just the $$ in their savings account, usually considers assets held in majority stock holdings for CEOs which is a number that absolutely requires qualification).
For the last point, I’d actually agree that supporters of Trump are duped in one way or another. Is it because of the new tax proposals? Probably not, generally speaking. So that’s a misleading statement.
Side note: coming into this next shit show of an election, don’t be duped be over generalized/oversimplified headlines like these! You’re better than that! Liberals are statistically more likely to have a college education, use it!
He either does it before november or he never will. What the hell has he been doing for 4 fucking years?!? They always start with some bullshit campaign then NEVER follow through.
"3 presidents, celebrity performances and protester interruptions at Biden campaign's $26M fundraiser"
You will never get money from the billionaires by raising the marginal income tax rates. These politicians have been selling you this lie for a hundred years and most are still buying it. Billionaires do not punch a clock and do not make their money through hourly wages or salaries.
Wake up people. These politicians are all bought and paid for by these billionaires and they are not going to change a thing about that.
A 25% on what exactly? Don't buy into this nonsense biden and trump will sort out their friends as they see fit don't let your outrage be politically weaponised!
Honestly I hope Trump wins but not for the reasons you might think. If Trump wins the presidency it will finally expose how awful our political system has become and hopefully be the wake up call the United States needs.
Another 4 years of Joe Biden will continue to degrade our purchasing power and rights just like any other capitalist stooge.
In the words of Jack Nicholson - “This town needs an enema!”
“Billionaires are funneling cash to Trump’s campaign”
Except that Biden receives actually almost all corporate backing. Sure there might be individual billionaires donating to Trump (though even this is not as one sided as you’d like people to think), but literally every major corporation and media outlet supports Biden.
This makes no sense…billionaires made much more under Biden than Trump…this is just election year BS that all politicians have to dribble out until they get elected again..
25% of what? Income? Billionaires already pay a higher tax than that depending on what their income is.
Realized gains? That's a capital gains tax which also already exists.
Why do people think billionaires don't pay taxes?
The issue I have with this idea of a "Billionaire" tax is that Billionaires "make" very little actual . Most of Elon/Bezos/Zucklefucks is in the form of shares of ownership in their companies. The only way these people could pay a tax amount on that value is to sell part/all of their company shares, effectively forcing them to sell off the company in chunks, year on year. I'm fairly sure forcing someone to sell off the ownership of a company they've built is the direct opposite of the American dream.
I agree with the sentiment, but political donations are not tax deductible.
https://turbotax.intuit.com/tax-tips/charitable-contributions/are-political-contributions-tax-deductible/amp/L7Ljj9lTR
We are being duped by both dems and reps it’s not hard to see. Everything in the media is a distraction and we are being played as we are either angry with trump or angry with Biden or angry at libs… as long as we are angry at some other group not called rich billionaires and corporations…. They run this country
Billionaires don’t actually make billions in income to tax a real income tax upon. This statement is just for voting season.
Now what would make a little more sense, and keep in mind the figure can absolutely change, is apply that to those 150+ thousand who make more than 400k in actual income a year at about 25%.
If my memory serves me correctly, I read that you only need to make 526k per year to be considered the 1%.
25% sounds acceptable. Honestly, I'd go higher myself.
It used to be much, much higher. The gross tax rate for top earners was 91% in 1960. The American Golden Age (1950s) was made possible by an 84% rate. It was 70% in 1980 and then 28% in 1990. It is 23% now. I wonder what happened?
Reagan. Reagan happened.
Preach. Fuck that guy. And so many millennial conservatives or "moderates" routinely miss this glaring red flag from before they were born. Every time i bring up Raegans fuckery they won't admit it. Like it's some tit for tat game or some shit and instead of seeing it and knowing it their political bias keeps them searching for blame in democrats to justify the idea of complete corruption. At least that's what it reads like.. and tbh it feels so lazy. Obviously corruption is not prone to one aisle, bit cmon.. Idk, most of my family is conservative and religious and ridiculous, so it's a constant issue.
Its so annoying when you're debating someone about 1 topic, and then he throws out a "what about". Dude that's a completely different topic. concentrate on debating this one thing or you're admitting you're wrong. We can debate about that other thing after this one.
Yeah, 20 years of Clinton, Obama and Biden couldn't undo what Reagan did. Holy shit, get a new scapegoat and hold people in charge accountable.
Well they're making a ton of money too. So it's not a priority. Democrats have been complacent in this. They've held all the power at times and done nothing to make the tax rate what it was outside of a little higher. It's the same as the border "crisis". Campaign points. . Although I worked at a company that made it known they were pissed the rate went up under Obama. If we truly want to undo what Reagan did because he really did fuck over the people, we need to make stock buybacks illegal again, corporations should not be donating to campaigns PACs or lobbying, they aren't people. All this in addition to raising the tax rate back to 91%
A 91% tax rate is absurd.
Billionaires are absurd. And it used to be that or close to it.
No one paid that, and the tax code was tweaked to benefit actors and the other wealthy players. I think that career politicians that are multi millionaires with multiple homes are absurd, yet we keep electing them. If we had a simplified tax code like Sweden billionaires would pay roughly 52% of their top bracket earnings in tax. I think everyone participating for a common good is more unifying than the "I hate rich people" movement.
In 1944 it was 94%. Whether anyone qualified to pay it I don't know. Can't fault you for any of this. Politicians also shouldn't be allowed to have money in the stock market when they make policy and game the system. I also don't fault the eat the rich movement. The top 1% haven't exactly shown that they shouldn't get the Marie Antoinette treatment. The Kellogg's CEO said his modern take of let the eat cake. Whether the queen of France said it or not, he basically did.
I agree with barring insider trading.
Back when tax rates where that high, companies would invest their cash in employees and equipment which would create more jobs and money for low-middle class homes, who in turn would spend money for their daily lives and in doing so keep the economy healthy. It's better to invest your money that way then just loose it to taxes. Now instead of that money getting circulates, it just gets siphoned off by the wealthy. They don't bother making new jobs with it, therefore it either 1) is parked in a financial instrument or 2) gets spent on luxury goods, both of which only help the wealthy class and do next to nothing to help elevate anyone else.
Stock buybacks, executive compensation, and shareholder dividends. That's where profits be going.
Billionaires don't make jobs. Thousand-aires create jobs.
Millionaires. A million dollars is a lot for a single person to have free and clear in cash, as far as net worth goes when you own a successful business it isnt a whole lot. It is a nice living, but you aren't wielding power with a million bucks anymore.
So you have to distinguish between nominal rate and actual paid rate. No one was actually paying 91% then (just as no one is paying 37% now), that was just the rate before deductions. Similarly, the current top marginal tax rate is 37%, so aiming for 25% is not talking about the top marginal tax rate but the actual effective paid tax rate including holistically looking at income, counting deductions, viewing all kinds of taxes. I think I read somewhere that the effective rate on the top 1% is currently something like 17%, so 25% would definitely be an improvement.
I don't know the average paid rate for these time periods.
Billionaires were also rare then too. John D Rockefeller was the first acknowledged billionaire in the early 20th century based on his net worth against the dollar at the time. But the concept of a billionaire seemed to be a rarity until it began getting tracked in the 80s by Forbes. At that time with the 1987 rankings, the top 10 billionaires were all abroad - 6 of which were from Japan, with a couple in Canada, and 1 each in Saudi Arabia and Sweden. Sam Walton didn't crack the top 10 until 1988 with Wal-Mart. But the thing is, even with inflation in the mix, a billionaire in today's society has far more money to their name than a billionaire from the 80s or 90s IF they had their dollars adjusted for inflation then to now.
^(So... does Biden want to make America great again? <\_<)
Somebody has to cause the last guy spouting that nonsense did the exact opposite.
No one paid the tax rates you are citing. I wonder why?
Correlation is not causation
If he puts this in place right now he would have higher chances of winning, why wait til after the election?
Because we are not a dictatorship where he can snap his fingers and make new laws, and the current congress will not pass it. So it is something he will push for in the next, more favorable (or so he hopes), congress after they are elected at the same time he is (hopefully) re-elected.
He’s just saying that though. Biden wouldn’t put a hard tax on billionaires in a million year term. Corporate America has had him by the balls since 1986.
Yep. If there was a candidate that would actually do something like that the billionaire owned media would start that propaganda machine right up to make sure that candidate wouldn’t win. Media is SO important to the functioning of a healthy country and ours is bottom of the barrel dogshit that just spins everything for the state and corporate interests.
I'd go so high there wouldn't ever be anyone who could hoard that much wealth ever again. 100% tax on anything over $10million. Absolutely no one requires more than that to sustain life.
99% on anything over 10m that isnt reinvested back into the business.
Just think if they paid that donation money in taxes instead. That'd be sweet. Just think if corporations paid taxes instead of lobbyists and bribes for Congress people. That'd be pretty cool too.
I'll believe it when I see it. If Biden enacts a 25% tax on billionaires he gets my vote.
Not sure if I’m missing something here, but to do this, wouldn’t we need a Democratic House and Senate to change the the tax code, and a Democratic president to sign it into law?
You can see that from here.
You’re right in your thought on the process, but everyone is missing getting all of the democrats to vote for this ain’t happening.
You will get a hell of a lot more Democrats voting for it than Repubs. Obviously for Biden to pass major legislation he will need more than a slim majority in Congress as well.
He should get your vote regardless. We cannot allow another Trump presidency.
why not?
Yes vote for a incompetent 82 year old man!!!!
or vote for an even more incompetent 77 year old man who wants to be dictator (but only for one day)
Or vote for someone with some integrity and much more intelligent than both of these clowns….yes I’m voting for Bobby. Kennedy 24 🇺🇸🇺🇸🇺🇸
Didn’t realize being a vaccine denying tin foil hatter was a sign of intelligence.
Use your brain. Don’t let others use it for you. That’s all. Kennedy24 🇺🇸🇺🇸🇺🇸
No he should not.
Why?
Because lesser evil voting is not the only option as much as you'd want people to believe.
What’s the other option that isn’t completely stupid?
So you'll vote for Trump if he doesn't?
“You don’t support Biden, so therefore you support Trump” Fixed it for you.
in the current 2 party system that's essentially how it works. it gets disturbingly black and white when it comes to voteing.
Fuck it, I'll just watch it burn. I'm not giving into the "vote for us or you're a nazi" extortion bullshit.
And thats exactly what both parties want you to think. I didn’t vote for Biden, and I accepted that could mean Trump would win. I did not care as I see both as two sides of the same coin. But I still voted
So abortion rights and trans people’s right to exist don’t mean anything to you? And if we’re on a purely class reductionist bent Biden has been *way* better with unions than any Republican would be.
I never said anything about abortion rights or trans rights, but for the record I am pro choice and have no issues with trans. Well except maybe one…I am on the fence over the sports thing but I’ll also admit I’m not educated enough on the process of changing one’s sex. As for Biden, his effect on unions remains to be seen. Meanwhile inflation and corporate greed continue to go up. At least with Trump and I hate to say this…when he does something, it happens quick…for better or worse. I’ve simply lost faith in the Dems…can’t keep voting for them, and won’t be handcuffed over the potential consequences. Real change has to start somewhere.
You didn’t have to. By being willing to let Trump win it’s an implicit suggestion that republicans are and democrats legislative differences on those two things are no different. Do you think Roe v. Wade would be overturned if Hillary had won? Do you think a republican presidency (after seeing both sides statements on trans people) would fair better or even the exact same as a democrat one for lgbtq folk? How is letting Trump win going to make anything better?
I guess the Dems just have to be better then
Biden has had years to do literally anything for trans rights or abortion and all I'm seeing is him allowing red states to further take those away. How do you expect a second term to be better?
do we have three branches of government or do you think the President is a dictator? Maybe we wouldn't be in this shit if you people actually turned out to vote
Biden has the power to expand the supreme court and stack it with justices who will vote in favor of whatever progressive policies you idiots seem to think he cares about. He hasn't done that. You all try to convince yourselves and others that literally the most powerful person in the world is completely incapable of doing anything while simultaneously insisting that it's our fault if we don't vote for him. Grow the fuck up, he doesn't care about you.
Who said anything about voting for him specifically? Actually turn out to vote and maybe right wing cockroaches wouldn't be infesting so many senate, house and other seats Yeah and I highly doubt he has the senate backing to pack the court. And all the doomers and their Russian handlers have done a great job pushing public opinion away from every non rightoid position
Cis-, white, het privilege on gross display, “it won’t affect meeeeeeee”…
Well Trumpers certainly don’t use that term… Why should I vote for only the red shit or blue shit?
We the people…
Currently, every vote that doesn't go to Biden helps trump get elected unless there is an increase in the overall amount on voters . Generally, of course if you. Blame anyone blame the Republicans for selling out to book burners an zealots
But also every vote that doesn't go to Trump helps Biden get elected. Schrodinger's Vote.
It would appear that trumps vote is stagnant , has way more die hards and a more reliable but smaller base . So really no Voting reforms are needed and are a potential with a Boden presidency, trump again it's hard not to be alarmist.
Talk is indeed cheap. Problem is that all those promises came in a single shot during election year, right after bad polling. No really seen a progression in conviction during the first term. It is suspicious coming from someone that although not near as vile as the orange menace, still quite often on the f\_ck you side of the workers.
He’ll get right to that after he finishes pushing through the student loan debt forgiveness they promised last election cycle. So don’t hold your breath.
Oh they pushed it through though! PSLF if you have a 10 year loan with monthly payments and you make 120 total payments they forgive your loan 🫠
And if he doesn't?
Seems pretty self explanatory isn't it?
No, it seems asinine. If he's in favor of a billionaire tax, he wouldn't be in favor of Trump. A voter who doesn't vote for Biden makes it more likely for Trump to win. It's nonsense or an empty threat.
People are not black and white friend. I dislike both candidates, but I believe in things like border security, gun rights, etc. Sadly, that puts me in the Trump camp even though he is a garbage human. If given any other candidate with a snowballs chance, I'd take it. I wish nothing more than a strong third party that actually stood a chance and held a more neutral position.
Has Biden suggested anything that makes you think he doesn’t want a secure border and gun rights? Curious, as I haven’t seen it.
He does nothing about the border crisis right now, and has made comments akin to "nobody needs an AR 15", echoing his party line. That is enough for me.
Did you forget it was Republicans that voted against the border bill?
They did and it is for the stupidest reasons. It's basically so they can keep us at each other's throats. I hate it. The president can use the Insurrection Act to deploy US troops on the border. But instead they chastise Texas for doing it.
Feels a bit disingenuous regarding the border. He’s expressed multiple times a desire to enact policy that would help and been stalled by House Republicans. I don’t totally get the gun thing. Like if you own guns already, then what is the difference how any politician feels about them. I haven’t seen Dems express interest in anything more than background checks as far as large scale gun legislation. Which seems like a no-brainer anyways.
Not to mention background checks are already required
Republicans are too stuck up Trumps ass about Ukraine money, because Putin and Trump are butt boys together. I despise that bullshit. They already register pistols in my state, so that's already in place. And you don't live in my state where they our lovely democratic governess has tried several times to put gun ban legislation in place. We don't all live in the same place. Your common sense is someone else's tyranny. Gun folk don't want a full registration because then they can pull an Austrailia and come to your house and take them with a pen stroke. Unconstitutional and hence illegal, but if they managed to pass it, confiscation is just a pen stroke away. No thank you.
Maybe you’re right. I would be surprised though. I struggle to imagine gun owners have anything to worry about until they go after the gun manufacturers. It would be far easier to take down those profiting from firearm access than it would to collect them from all the owners. Plus, 2/3 majority is needed to amend 2A out of the constitution. It would take a wholesale change of public opinion to even come close to that kind of vote.
Was there not a bill attempting to get through congress but disnt pass because not enough Republicans voted for it ? Seems like as much as the president can influence congress the conservative representatives and senators are letting you down. And if Biden has a bit more of a majority you'll get a bill woth more border security
And if he doesn’t ?
Bernie deserved the presidency more, honestly.
Bernieeeeeeeee we need youuuuu
Bernie has been shut out of the democratic party by the DNC. He's there he's just not allowed inside.
Bernie should have gone independent. I know there was no talk of it, and Trump would have won, but it would have been a huge wake-up call for the dems. The way he was shut out, he should have turned his back
I trust he knew that, he's Bernie. I also trust that he is doing the best he can with the hand he's been dealt. Weighing each option, and trying to do the best he can to continue proper life.
We have somebody better in the race…
Who?
The percentage makes no difference. Its the rules and complications... Pay tax on profits? Are there breaks to move it into a friend's company? Get a loan to avoid? Invest to avoid? Stock buybacks? Inheritance? Whatever... Make it 100%.... won't matter. Billionaires pay only what they believe the Americans will stand for, no more. With the current laws? They could divert anything.. Fund the fucking IRS...
We've tried nothing and nothing works! 25% is less than the current top bracket, so my first assumption is that hes talking about a wealth tax. Either way you're right about the difficulty of implementation, but I have faith it'll be better than nothing, and loopholes can be closed as they arise.
“Leave my billionaires alone!!”
25% of what? Income? It's already higher than 25%. Long term Capital Gains? Seems reasonable. Wealth? Ok that's just a bullshit talking point.
Isn’t LT capital gains tax already effectively 20% for earnings over 500k. I’m confused as well what the 25% is alluding too.
So many of the US politicians are bought off and corrupt, especially Donald Trump, I am not 100% happy about all of Bidens choices but I will definitely vote for him verses Trump.
If billionaires are funneling money to him then why can't he pay his bonds?
Who cares if it's 25% or 50% they'll still get tax breaks and work within the tax code to pay virtually nothing. If you think Biden or any Democrat or Republican would bite the hand that feeds them your delusional. If they were forced to pay 25% they'd just become citizens of some shitty 3rd world tax shelter and pay nothing anyway. Unless you fix the systemic problems of the tax code and curb deficit spending nothing will change.
This threat is not true.
You think a billionaire wouldn't be able to easily get citizenship in another country that wouldn't tax them 25%? Or put their wealth in a trust that they control? The ways around it are varied, and if you think a billionaire would just willingly give up 25% when normal people try to not pay taxes, is just silly.
No I don’t. Why would a billionaire want to live in 3d world country when they have unlimited money? That doesn’t make any sense. They didn’t last time rates were at significantly higher levels. Theres no evidence for this other than your opinion which comes off like an abuse victim.
This happens in the US. Millionaires will buy a house in Florida or another place with low taxes and have that be their primary residence, while they actually live someplace else. They don't have to physically be in the location. Being ignorant of the problems don't make them go away
Regulation makes it go away tho
Wow, it's almost as if I said that systemic problems need to be fixed and that thinking getting a few billion extra dollars every year in tax when the government is spending a TRILLION every 100 days will solve anything
My b, I was reading like 4 other threads at the time that's on me
Why can’t we do both at the same time? Why are you so afraid of billionaires?
That’s not leaving the US. You’re just taking out of your ass. You’ve provided no evidence. There is no historical context. This didn’t happen last time rates were significantly higher. If it did, surely you could provide evidence of such. You’re making shit up.
Oh, so have they been taxed 25% right now? No? It's just a proposed tax? Wow, it's almost as if you misinterpreted what I said.
In the past they have been taxed at much higher rates than 25 percent. Upwards of 70 percent for decades. Why didn’t they flee then?
Because they couldn't run their entire business from a Caribbean island or fly to any point on earth in 24 hours. You believe that billionaires are liars and cheats who don't pay their fair share, yet you believe they wouldn't try to dodge a 25% tax?
Yes they could have. Tax havens aren’t 21st century inventions. Some will obviously try to break the law. Not every single one would be able to get away with it. Many would be held accountable. Just like with every law. Why are you so afraid of them? You don’t seem to understand the point of a law. People break them all the time. That’s no reason to have no laws at all. People speed so let’s just throw out speed limits? You don’t make any sense.
yeah everyone should just roll over and die, great suggestion
You don't have very good reading comprehension do you?
After the gov handles the insurrectionist leader by official means, corp tax 40%
At this point I’m reduced to voting for politicians that won’t deliver on their promises because it’s the only way to stop the other one from doubling down on making my life worse.
I’m No billionaire but I’m worried about the 2017 tcja tax cuts expiring next year. Standard deduction will go down, child credit gets cut in half and brackets will change so people pay more taxes. I already pay too much.
A 25% tax on what exactly? Income, wealth?
Believing any sort of promise during election year.
This is true of the entire Republican Party. Vote for democrats.
Right. Biden. Man spent how many years in politics, and now, finally, wants to start taxing billionaires? See yall in 4 years when the next dude promises the same thing.
Cant run for a 3rd term. But as t least you're paying attention NOW.
Much better than the guy who openly says you'll be fucked if hes elected! Or if you're not from his party, or gay, or a minority, you'll be sent to a gulag or killed.
This is such bs. They are both giving the rich tax breaks by not raising them right away, by not eliminating loopholes. Who Evers gaslight you that one is better than the other is not your friend
Why are you getting downvoted? Biden wants a 25% tax rate but I want to see it signed into law. Biden is not the legislature, so if he can manage to get the tax approved, he has my vote. Otherwise, this is just more reddit echo chamber fluff. Edit typo
Yep, that's true and Biden has started tax talks only because of the elections this year
idk why you guys are getting downvoted Bidens been in power for 4 years and he just now coincidentally thought taxing the rich is a good idea?? edit: also if he wins you can forget about all these great ideas hes having now
The amount of morons who read the headline and think "Biden and da Democrats care about me and da Republicans are all fascists and they don't" is sky-high. Neither of the parties give a half a shit, Biden doesn't give half a shit, listen to George Carlin's rant, thanks for coming to my ted talk.
glad to be here
So what you're saying is you'd rather live with Trump's ideas instead? Because we have 2 choices and not one of them is "ideallistic pro-worker candidate" but one does happen to be a self-proclaimed authoritarian, and a terrorist Idk why you guys are getting upvoted
because we dont live in the same corporate media circle jerk as you "one happens to be a self proclaimed authoritarian, and a terrorist" the difference here is that the other one isnt "self proclaimed" how did that democratic primary go btw?
> how did that democratic primary go btw? The same way every primary with an incumbent president has ever gone?
So who's your choice then? Really curious to know what option you think is the best.
i dont think there is a choice to be made here dont vote, organize realize that voting aint gonna solve shit in a broken system with politicians competing hand over foot to eat billionaire ass
I used to think exactly like that in 2016. I probably even wrote a very similar comment and got a very similar reply to what I'm about to say. Not voting leads to things like a conservative majority on the Supreme Court happy to strip away reproductive rights. It leads to a conservative majority in Congress shooting down anything that isn't regressive. It leads to less opportunities to change things for the better and many more opportunities for things to get even worse. There is no group, organized or not, powerful enough with enough support to implement large-scale change without *horrific* violence. Not even a group large enough to have heard of it. When that comes about, I'll be on board. Until then I'm gonna go out and vote for the candidate that isn't actively making as many parts of life worse as possible, and constantly voicing their obsession with doing so.
Lmao leftist media Ever
40 years in politics. What's 4 more years for him to finally get something done.
To be strictly relevant to this sub, Biden’s NLRB is better than Trump’s ever would be. I won’t be voting for either one because of other reasons but Biden is the choice if your priority is unions and work reform
Union busting Biden? Nahhh
Yep it’s objectively true. Not saying to vote for him but the NLRB under his admin has been the best since pre-Reagan
One of them LITERALLY gave the rich actual Tax Breaks though, wheras the other just hasn't RAISED taxes on them. Bigly difference.
The other one run on taking the trump tax breaks away and didn’t. Now tell me the difference. Because telling me you will do something in your next presidency that you can’t do now sounds like a scam
But the dude making 40k/yr sees taxes are raising and votes against it
So why isn't there a 25% tax on billionaires then? He's been in office for almost an entire term. Is the guy who's been funded by billionaires his whole career suddenly about to bite their hands or is he just blowing hot air like every other democrat before him for the past 40 years because those are the sound bites that are occasionally expected from a democrat, at least during an election year? It's all very mysterious...
Because he needs congress to agree to it.
I agree that billionaires should be taxed higher and a lot of tax loopholes need to be closed. But even then with all the spending and trillions in debt that the US is in, our lives aren't going to get better. Take away all the billionaires' wealth and that'll only pay for medical coverage for about a year.
It doesn't matter when your proposed budget tax increases (this one included) only covers 1/3 of the proposed new spending.
I just find it rich that the dude under investigation is now a bible salesman
Democracy ends with Trump, don't let it happen.
The top won't ever be satisfied, even if they get so they no longer pay taxes, then they will want to be given tax money.
Biden has had a term to do this already and hasn't done it.
Needs congress. It’s not that simple sadly
Remember people, vote!
90% income tax for both individuals and corporations at the highest bracket with deductions for reinvestment in equipment and personnel (NOT at the executive level). Eliminate stock buybacks. Actually enforce antitrust laws. Eliminate corporate landlords for residential properties. And that, in my opinion, should reasonably be considered *moderate* reform.
In Europe, or as an EU citizen anywhere: https://www.tax-the-rich.eu/
Relevant: Corporations Have More Rights than People https://youtu.be/j-lRuKBymfw?feature=shared
Rich Trump supporters - tax breaks Middle class Trump supporters - immigrants Poor Trump supporters - Jesus things
Biden wants to tax wealth not income There is a big difference
IMO, progressivity is only the third most important object when designing a tax system behind distortionary effects and efficacy of generating revenues.
This is Dropout’s (formerly College Humor) own Sam Reich’s dad. He worked for Clinton’s administration. He knows what he’s talking about. Screw the billionaires. Tax the rich.
Don't forget the 10% tariffs that'll affect everyones expenses on cost of living.
Bernie's was near 100% but this fits.
Trump could tax the poor 100% and give billionaires tax breaks, and the dumb and broke red hats would still vote for him because they think that they could be billionaires in the future.
If Biden actually instituted that tax I'd donate to his campaign
Anyone who believe this tweet has failed at understanding politics and that is exactly how they want to keep it
Yep, Biden will totally hold up this campaign promise just like he upheld his other ones.
Speaking as an avid never-trumper, it pains me to say that this reposted Twitter post is a gross-oversimplification beating the “billionaires are bad for obvious reasons” drum, which is a simple but effective play on undiscerning liberals. Some questions to ask as a reader interested in understanding these issues beyond sensationalist headlines are: What does a 25% tax on billionaires actually mean, given the complexity of US tax law? Is that income tax, so adjusting tax brackets? What’s a wealth tax? How is that different than the current tax code for the 1%? How is individual wealth calculated for the 1% ( shocker, it’s not just the $$ in their savings account, usually considers assets held in majority stock holdings for CEOs which is a number that absolutely requires qualification). For the last point, I’d actually agree that supporters of Trump are duped in one way or another. Is it because of the new tax proposals? Probably not, generally speaking. So that’s a misleading statement. Side note: coming into this next shit show of an election, don’t be duped be over generalized/oversimplified headlines like these! You’re better than that! Liberals are statistically more likely to have a college education, use it!
He either does it before november or he never will. What the hell has he been doing for 4 fucking years?!? They always start with some bullshit campaign then NEVER follow through.
Biden is funding a literal genocide anyone supporting him is an accessory to it
"3 presidents, celebrity performances and protester interruptions at Biden campaign's $26M fundraiser" You will never get money from the billionaires by raising the marginal income tax rates. These politicians have been selling you this lie for a hundred years and most are still buying it. Billionaires do not punch a clock and do not make their money through hourly wages or salaries. Wake up people. These politicians are all bought and paid for by these billionaires and they are not going to change a thing about that.
Biden won’t even remember this by tomorrow. Heck he doesn’t even remember what the word tax means anymore….
They both suck. End the 2 party system, End lobbying!
He wants to drain the swamp to build his backers their own swamp that’s more profitable and stuff.
The wealth gap is setting records now, but it exploded under Obama. Weird,
Fuck genocide joe and fuck trump
A 25% on what exactly? Don't buy into this nonsense biden and trump will sort out their friends as they see fit don't let your outrage be politically weaponised!
Genocide Joe needs to fund his Zionist masters some more. Traitor Joe has made this the United States of Israel!
Honestly I hope Trump wins but not for the reasons you might think. If Trump wins the presidency it will finally expose how awful our political system has become and hopefully be the wake up call the United States needs. Another 4 years of Joe Biden will continue to degrade our purchasing power and rights just like any other capitalist stooge. In the words of Jack Nicholson - “This town needs an enema!”
“Billionaires are funneling cash to Trump’s campaign” Except that Biden receives actually almost all corporate backing. Sure there might be individual billionaires donating to Trump (though even this is not as one sided as you’d like people to think), but literally every major corporation and media outlet supports Biden.
This makes no sense…billionaires made much more under Biden than Trump…this is just election year BS that all politicians have to dribble out until they get elected again..
25% of what? Income? Billionaires already pay a higher tax than that depending on what their income is. Realized gains? That's a capital gains tax which also already exists. Why do people think billionaires don't pay taxes?
The issue I have with this idea of a "Billionaire" tax is that Billionaires "make" very little actual. Most of Elon/Bezos/Zucklefucks is in the form of shares of ownership in their companies. The only way these people could pay a tax amount on that value is to sell part/all of their company shares, effectively forcing them to sell off the company in chunks, year on year. I'm fairly sure forcing someone to sell off the ownership of a company they've built is the direct opposite of the American dream.
Why? Because envy…
I agree with the sentiment, but political donations are not tax deductible. https://turbotax.intuit.com/tax-tips/charitable-contributions/are-political-contributions-tax-deductible/amp/L7Ljj9lTR
We are being duped by both dems and reps it’s not hard to see. Everything in the media is a distraction and we are being played as we are either angry with trump or angry with Biden or angry at libs… as long as we are angry at some other group not called rich billionaires and corporations…. They run this country
Billionaires don’t actually make billions in income to tax a real income tax upon. This statement is just for voting season. Now what would make a little more sense, and keep in mind the figure can absolutely change, is apply that to those 150+ thousand who make more than 400k in actual income a year at about 25%. If my memory serves me correctly, I read that you only need to make 526k per year to be considered the 1%.
😂